Economics

Archive for Economics

The Absurdity of Conventional GDP Accounting

In two weeks the BEA will announce an update on its estimate of 1q 2014 GDP growth, but I want to point out a problem with the “advance estimate” (of a dismal 0.1%) that they issued at the end of April. Here is how Forbes reported it at the time: The U.S. economy grew in […]

Yglesias Interviews Piketty

If you’re getting sick of the coverage, don’t worry: After I post my review (coming in a few weeks), I will probably be done with this topic. In the meantime, Piketty says some interesting things in this interview with Matt Yglesias. For example: I think what [economists are] doing wrong is that in order to […]

Maybe Sargent Should Have Used 1,000 Words?

We don’t see eye to eye on many issues of economic policy, but Noah Smith is quite possibly even a bigger smart*ss than me, so I try to follow his blog out of solidarity. I have to agree with Noah that the gushing over Thomas Sargent’s 2007 graduation address to Berkeley students has been completely […]

Potpourri

==> Dan Sanchez has a great review of the new Captain America movie. However, MAJOR SPOILERS. If you are borderline, I would strongly nudge you to go watch it; it was a lot better than I had hoped. Then after you watch it, read Dan’s review. ==> I was on the Power Trading Radio show […]

Economics at the Movies

Tyler Cowen: “When I am watching a movie I often think ‘why isn’t the Coase theorem holding here?’” Kyle Reese: “Listen, and understand. That terminator is out there. It can’t be bargained with. It can’t be reasoned with. It doesn’t feel pity, or remorse, or fear. And it absolutely will not stop, ever, until you […]

Paul Craig Roberts Doesn’t Expect a Happy New Year

I like to keep abreast of those writers in the arena of political economy who would be dismissed as doomsayers, because I usually agree with their analysis of broad trends–I just think they too often underestimate how long it will take for other investors / world players to see the same patterns they do. (Yes […]

Milton Friedman on Ford Pinto

Major Freedom reminds us (in the comments of the previous post) of this classic exchange. Without realizing it, I think my recent thoughts on GM are basically just channeling Friedman. I am too squeamish about confrontations like this; I literally can’t even watch the whole video because I am embarrassed for the kid.

Thoughts on GM and Michael Moore

At Mises Canada. An excerpt: Suppose years ago when they discovered the problem, GM had contacted all of the 2.6 million customers driving the vehicles with a faulty switch and told them, “We think 13 of you will end up dying because of the faulty switch. The problem is, we don’t know which 13–if we […]